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Hillier Hillier
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7 years ago
Four years and five months after its date of issue, a 7-year promissory note for $8900.00 bearing interest at 5.04% compounded monthly is discounted at 6.5% compounded semi-annually. Find the proceeds of the note using the exact method.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
7 years ago
Maturity value:
PV = 8900.00; i = 0.0042; n = 84
FV = 8900.00(1.0042)84 = 8900.00(1.4219955) = 12 655.76
Proceeds:
   = (2 +  )2 = 5.1666667     = 6.5%/2 = 0.0325
P = 12655.76(1.0325)-5.1666667 = 12655.76(.8476854) = $10 728.10
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